The accounting watchdog in Britain kicked off a public consultation yesterday to apply a sweeping EU reform of company accounting from next June.

The head of scandal-tarred Toshiba yesterday said it had found a half-decade’s worth of new accounting problems, forcing it to further delay closing its books. However, it does not expect a big impact on its projected results.

Tesco slashed its profit forecasts by almost €320m following the discovery of an accounting error, adding to an already tumultuous year for the British retailer.